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Changes now in effect for payday loans

  • Writer: News Staff
    News Staff
  • Dec 15, 2022
  • 1 min read

Some changes are now in effect for payday loans.


The maximum total cost of borrowing by a payday lender has been lowered from $21 per $100 loaned, to $14 per $100 loaned.


This adjustment makes Newfoundland and Labrador’s cost of borrowing the lowest in the country.


Payday loans are for small amounts of less than $1,500, with payment terms under 62 days.


Payday loans are regulated in Newfoundland and Labrador through the Payday Loans Regulations, which came into effect in April 2019.


 
 
 

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